Homestretch Nonprofit Housing Corporation
- Assets
- $5.5m
- Revenue
- $306.3k
- Investments
- $0.0
- Employees
- 3
- Location
- Traverse City, MI
- Founding
- 03/1998
- Data as of
- 12/2022
- EIN
- 38-3337549
Organization Overview
Homestretch Nonprofit Housing Corporation is located in Traverse City, MI. The organization was established in 1998. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Homestretch Nonprofit Housing Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homestretch Nonprofit Housing Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Homestretch Nonprofit Housing Corporation generated $306.3k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.9% each year . All expenses for the organization totaled $126.4k during the year ending 12/2022. While expenses have increased by 10.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE DECENT, AFFORDABLE HOUSING FOR PERSONS OF LOW AND MODERATE INCOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPED OVER 130 AFFORDABLE UNITS FOR SALE THROUGHOUT OUR SERVICE AREA; OFFERED 44 AFFORDABLE (BELOW MARKET RATE) RENTALS AND 89 HOMEOWNERSHIP OPPORTUNITIES IN TRAVERSE CITY. HOMESTRETCH FINALIZED THE CONSTRUCTION OF 8 AFFORDABLE RENTAL UNITS IN HONOR, THE HONOR VILLAGE APARTMENTS (PLACED IN SERVICE 02/2023) AND BEGAN THE CONSTRUCTION OF 8 TOWNHOUSES, VINEYARD VIEW APARTMENTS IN SUTTONS BAY TOWNSHIP, LAST SUMMER/EARLY FALL OF 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jonathan C Stimson Executive Director | Officer | 40 | $94,399 |
Jim Lemire Director | Trustee | 2 | $0 |
Kristina Schnepf Director | Trustee | 2 | $0 |
Briana Walter Director | Trustee | 2 | $0 |
Tim Burden Director | Trustee | 2 | $0 |
Michael Brodsky Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alpers Excavating Inc Excavation Services | 9/29/22 | $261,555 |
On Point Carpentry Frame And Trim Framing And Finish/trim Labor | 9/29/22 | $169,631 |
Geros Plumbing & Heating Hvac Installation | 9/29/22 | $100,720 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $212,135 |
| Noncash contributions included in lines 1a–1f | $885 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $212,135 |
| Total Program Service Revenue | $48,149 |
| Investment income | $86 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $45,462 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $306,269 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $22,212 |
| Compensation of current officers, directors, key employees. | $5,553 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,268 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,787 |
| Fees for services: Management | $18,539 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,047 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $25,794 |
| Advertising and promotion | $561 |
| Office expenses | $9,557 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,079 |
| Travel | $241 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $7,249 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,767 |
| Insurance | $2,493 |
| All other expenses | $0 |
| Total functional expenses | $126,353 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $816,071 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $162,508 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $37,984 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,114 |
| Net Land, buildings, and equipment | $3,729,091 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $776,735 |
| Total assets | $5,531,503 |
| Accounts payable and accrued expenses | $170,385 |
| Grants payable | $0 |
| Deferred revenue | $54,160 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $3,950,103 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $14,908 |
| Total liabilities | $4,189,556 |
| Net assets without donor restrictions | $519,023 |
| Net assets with donor restrictions | $822,924 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,531,503 |